Posted by walthtz on 1/11/13 6:36pm
Msg #450031

Auto Deposit

Does anyone use Auto Deposit from the companies we work for?
What are your views?
I ask, cause the companies have the right to pull funds without notice
if they feel they have made an error.
Thanks
Walt

Reply by MikeC/TX on 1/11/13 6:47pm
Msg #450033

"I ask, cause the companies have the right to pull funds without notice
if they feel they have made an error."

Are you sure about that? Direct Deposit is a one-way ticket - they can't take from your account unless you specifically allow it, and who in their right mind would do that? Think about it; if you give someone the right to deposit OR withdraw from your account, they could clean you out in about 15 seconds.

Reply by Jessica Ward on 1/11/13 7:37pm
Msg #450040

I love it, and I've never had a problem with it.

In my experience most of the companies that offer direct deposit aren't the type that are prone to payment errors.

But I agree, I don't think they can actually withdraw after the clearing period. They may be able to stop payment during the clearing but I'm sure they can't pull money out of your account.

Reply by bagger on 1/12/13 9:18am
Msg #450083

Mike, the depositor CAN pull back a deposit if it was deposited in error.
This does not give them Carte Blanche to empty your account, only pulling back of deposits they made to your account.

Reply by JENNY/TX on 1/11/13 8:09pm
Msg #450046

If you are talking about Pay Pal then that transaction can be pulled back. Not banks.

Reply by ToniK on 1/11/13 9:04pm
Msg #450054

I love it! No more running to bank to cash check. Wish all my clients did that. But of course I like the ones who dont charge for ther service UNLIKE some companies. lol I just continue to receive a check from them.

Reply by Jack/AL on 1/11/13 11:42pm
Msg #450063

I get direct deposits into a checking account for fees from LSI and Skye Closings. It's working well and is very handy. Will soon sign up for other companies to use that method.

Reply by emilysigns on 1/12/13 1:57pm
Msg #450099

I used to supervise the Vendor Payments for a large TC. I can tell you exactly how we handled a correction of an overpayment via direct deposit.

We would contact the vendor and advise them of the error, we would provide proof of the error (illustrating the over payment.) and we would allow them the option to either 1.) send us a personal check to refund the amount, or 2.) we would offer them the option to have it withheld from the next pending payment scheduled to be paid.

If the deposit is pending and has NOT posted to your account it can be reversed, but not once it has actually posted and funded.